In response to the Brexit Secretary’s speech in Vienna today, the Policy Chairman of the City of London Corporation, Catherine McGuinness, said:

“We are pleased to see that the Brexit Secretary’s comments on mutual regulatory recognition are in line with proposals put together by the International Regulatory Strategy Group.

“Worlds away from a dystopian fiction, the IRSG proposals provide an ambitious but achievable framework for a future trading relationship with the EU.

“Maintaining regulatory alignment but also the option to diverge if either side so chooses gives the freedom to maintain the strength of London as Europe’s global financial hub, the ability to continue setting strong global standards, and will cause the least amount of disruption for people and businesses across the UK and the EU.

“Today’s speech has provided some clarity for financial and professional firms across the UK. But the “race” that the Brexit Secretary refers to is, at present, at best a brisk walk. Firms urgently need to see more in the way of a solid commitment from Government.”